HIGHLIGHTS

·         Market Trend:  Corn, 4 Lower; Soybeans, 1-4 Higher;  Wheat, 5 Lower

·         Growth rate in Chinese housing prices slows to .1% in April from .3% in March, weighs on Asia despite good machinery order data from Japan.  Shanghai closes 1.05% lower; the Hang Seng slips .04% and Japan’s Nikkei loses .64%.  Europe is weaker as well with the FTSE .43% lower; the DAX is off .41% and the CAC-40 is .36% weaker.  U.S. futures suggest a similar opening—S&P, down 5.5; the Dow, of 48 and the NAS, 11.5 lower.  Gold is up .51% at $1,300/oz; energy futures are all higher; the $ Index, -.100 to 80.125

·         T-Storm Weather: Sharp warming marks the start of a three-day heat wave across the central / southern Plains today as maximums reach the 90s-100s.  Thunderstorms form along the edge of warmth today-tomorrow, bringing scattered and unneeded amounts of 0.40” – 0.80” to northern areas of the Corn Belt and Plains.  A complex pattern follows as energy in the western U.S. and a cool front in the Corn Belt move independently of each other.  A low chance for organized rainfall results across a large area with the highest probability Thursday-Friday from Nebraska through the central and southern Corn Belt

·         July Corn Down $.0450 at $4.79; September Down $0.0425 at $4.77.   Fund selling on  Friday totaled 4 K

·         July Soybeans Up $.01 at $14.66; August Up $.0325 at $14.03.  Funds:  sold 2 K SB; 1 K SBM and 2 K

·         July Wheat Steady Down $.0575 at $6.6850; September Down $.0550 at $6.7775.  Additional fund selling on Friday, 3 K

 

CORN/SORGHUM

• ATI Research: USDA Crop Progress report out at 3:00 PM CDT likely to show nationwide U.S. corn planting at 65-75% complete as of Sunday compared to 65% last year and the 5-year average of 76%

·         Export Inspections released at 10 AM CDT; Corn, 43.9 needed; 47.2 last week.  Milo—3.6 needed; 3.1 last week

·         Commitment of Traders report: Non-Commercial long corn futures only positions increase 1,895 contracts

SOYBEANS/WHEAT

·         ATI Research: USDA Crop Progress report out at 3:00 PM CDT likely to show nationwide U.S. soybean planting at 25-35% complete as of Sunday compared to 21% last year and the 5-year average of 38%

• Export Inspections released at 10 AM CDT; Soybeans, 4.3 needed; 8.8 last week
• Commitment of Traders report: Non-Commercial long soybean futures positions increase 2,551 contracts

·         ATI Research: Winter wheat Good/Excellent likely to be steady to 2 points lower in USDA Crop Progress report, while spring wheat planting projected to be at 35-45% compared to 64% last year and the 5-year average of 68%

·         Commitment of Traders: Non-Commercial long CBT wheat futures only positions increase 7,418 contracts

ENERGY

·         Futures are higher:  QCLM14, +$0.66 at $102.68; QRBM, +$0.0192; QNGM, +$.04; andQHOM, +$.0137

·         A firmer tone was seen in cash ethanol markets on Friday: Chicago up 8; Gulf and New York climbed 6; Tampa added 4; Dallas was up a nickel; and LA was 3 higher to $2.55 ½ per gallon

·         RINs were higher: 2012’s up 2 at 48-49; 2013’s gained 1 ¼ to 48 ¼-50; and 2014’s climbed 1 to 46 ¾-48 ½

·         The June RBOB/June ethanol spread fell $.0547to $.7335 Friday

LIVESTOCK/POULTRY                  ​;                         ​;                

• Cho​ice boxed beef values gained 77-cents Friday and have increased 90-cents over the last two trading days
• April placements in Friday’s Cattle on Feed report were down 5% from last year, May 1 on feed down 1%
• Cash cattle traded Friday at mostly $145, down $1 from the week before
• The USDA pork carcass cutout value increased $1.22 Friday and has gained $2.64 over the last three trading days

Sources: Bloomberg, Dow Jones, AP, T-storm Weather